Property platform The House Crowd has exchanged contracts to buy a disused office block in Wilmslow, Cheshire for £2.5m with plans to covert it into residential apartments.
The House Crowd aims to create 24 high-end apartments in a scheme called Bollin Heights.
The House Crowd has launched a crowdfunding campaign to source £3.5m of investment for the project. Approximately £1.6m has already been raised.
Frazer Fearnhead, chief executive at The House Crowd, said: “There is a complete dearth of quality properties to buy at a lower price point in Wilmslow.
“Bollin Heights is in a superb location, just a few minutes’ walk from the town centre and train station.
“Through this development, we’re bringing a proven, successful US model directly to the UK. Each apartment is designed to create optimum space for residents, who will benefit from excellent communal facilities to help liberate their lifestyles.
“Given these facts, we know that demand will be exceptionally high and we anticipate selling all apartments off plan in the next few months.”